The rates of most of the coins keep falling, according to the CoinMarketCap ranking.
BTC/USD
The price of Bitcoin (BTC) has dropped by 1.12% over the last 24 hours.
Despite the decline, the rate of Bitcoin (BTC) has successfully bounced off the local support level at $15,651. Moreover, the price has fixed above the resistance at $15,932.
If bulls can hold the gained initiative until the end of the day, the rise may continue to the $16,300 mark tomorrow.
On the daily chart, Bitcoin (BTC) has once again bounced back to the support at $15,632. Currently, one needs to pay close attention to the $16,000 mark. If the bar closes above it with no long wicks, there is a chance to see the local growth of the main cryptocurrency.
A similar situation appears on the longer time frame. If a false breakout of the support level at $15,632 happens, there is a possibility to see Bitcoin (BTC) bullish next week.
Bitcoin is trading at $16,002 at press time.
Godfrey Benjamin
Yuri Molchan